Foster’s defence rests on returns

AUSSIE brewing giant Foster’s is considering a major capital return to shareholders as a key plank in its defence against the £6 billion hostile takeover bid from SABMiller, the world’s second-biggest brewer.

Foster’s is expected to launch its fightback along with its annual results due tomorrow. Although trading figures are expected to be lacklustre, analysts say chief executive John Pollaers will tell investors that they should give him time to turn the business around, while sweetening them with cash returns. SABMiller’s offer is worth £3.08p a share.